Big financial news broke last week concerning Wells Fargo. Many of you are likely aware of the situation in detail, but here's a quick summary of the story: Wells Fargo illegally opened new accounts under its clients' names without any consent, and the company ended up with one of the largest fines ($185 million) levied against a bank in history.
More than 5,000 Wells Fargo staff have since been fired and more than $2.5 million dollars is being reimbursed to account holders for overdraft charges.
But, How Does It Affect You and Your Retirement Planning?
Where many Wells Fargo employees have massively betrayed clients and rightly deserve to lose their trust. It affects you even if your account wasn't jeopardized by pointing out key traits essential to doing safe financial business.
I believe there are two non-negotiable traits to grant someone the permission to manage your money: trust and respect.
The big issue for me is >>> R E S P E C T.
I remember being burned the first time I was hit with over draft fees. I felt abused by the big financial institution. The bank industry unfortunately often favors the accounts that hold the most influence i.e. money. And that isn't me.
Maybe I'm wrong, but I believe every account holder deserves the same treatment despite the number in his or her account.
Listen below for a recommendation on how to evaluate who you trust with your money and what you can take away from the Wells Fargo scandal:
Remember: You Are Worthy of Trust and Respect
I believe that without question...
you deserve respect and advice despite being a tenured CEO or a struggling single parent.
your dreams are equally as important as mine.
your financial security deserves as much attention as anyone else.
Worried There May Be More Damage Than Just Betrayed Trust to Your Wells Fargo Account?
If you think you may have been personally affected, Wells Fargo should have already contacted you directly. To be sure you haven't experienced further damage continue to monitor your credit to see if there are any credit checks you did not authorize.
You Deserve Better
No matter who you trust with your money, they need to accept the weight of that responsibility, earn your trust and maintain your respect. If you have a trusted financial planner, hold on to him or her and be thankful.
If you want to talk about your financial plan in more detail, I would be happy to learn your name, hear your dreams and do everything possible to help.